Excerpts from Richmond BizSense article:

Just after it informed VCU that it must back out of a promise made three years ago, Health Diagnostic Laboratory must also explain what happened to “large sums of money” that may have changed hands in the years leading up to its recent financial troubles.

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HDL also recently informed VCU that it will not be able to fulfill the $4 million pledge it made to the school’s athletic department three years ago, the school confirmed this week.

HDL, once one of the city’s fastest-growing and most generous corporations, failed to pay its most recent $400,000 annual installment to the school due June 30.

The pledge – the largest in VCU Athletics history – promised equal installments over 10 years to help fund the school’s new $25 million basketball practice facility, along with other capital projects.

In exchange, HDL’s name was plastered on signage around all of VCU’s athletic facilities, including the Siegel Center, Sports Backers Stadium and the Cary Street Gym, declaring them part of the HDL, Inc. Athletic Village.